SECURITIES

Kidder Slashes Work Force: Kidder, Peabody Group Inc., reeling from steep losses and an embarrassing financial scandal, cut its staff by 10% and took dramatic steps to cleanse its balance sheet. The layoffs of 550 employees, effectively immediately, are part of a companywide restructuring that Kidder said will pare costs by more than $100 million. Kidder is struggling with sharp losses amid a bond trading scandal, rising interest rates that have hammered the firm’s mortgage bond business, and widespread departures among top managers.